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Corporations Keyed to Rhee
Bay Center Apartments Owner, LLC. v. Emery Bay PKI, LLC
Citation:
2009 WL 1124451 (Del. Ch. 2009)Facts
The Emery Bay LLC agreement gave PKI considerable power and authority to manage the affairs of Emery Bay. The LLC agreement also contemplated that PKI would be responsible for managing the project, but the parties defined those responsibilities through a separate agreement. PKI was not required to sign the agreement, instead, PKI designated one of its affiliates, defendant Emery Bay ETI, LLC to be the entity bound by the terms. Soon after the project began, it encountered problems stemming from mismanagement and poor financial performance. Emery Bay defaulted on a construction loan it had obtained from a third-party bank and which Nevis had personally guaranteed. Bay Center seeks monetary damages from Nevis and the entities he controlled: PKI, ETI, and Emery Bay.
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